Cameco Beats Analysts' Estimates as Uranium Sales Rise

Cameco Corp. (CCO), the world’s largest uranium producer, reported first-quarter profit that topped analysts’ estimates as sales of the nuclear-reactor fuel rose.

Net income increased to C$132 million ($133.6 million), or 33 cents a share, from C$91 million, or 23 cents, a year earlier, the Saskatoon, Saskatchewan-based company said today in a statement. Profit excluding one-time items was 31 cents a share, topping the 25-cent average of 10 estimates compiled by Bloomberg. Sales increased to C$563 million from C$461 million.

Uranium sales rose to 8.1 million pounds from 6.1 million a year earlier, topping the 6.6 million estimated by Edward Sterck, a London-based analyst at Bank of Montreal. The average cost of uranium sales fell to C$31.97 a pound from C$32.21 a year earlier.

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- Posted: 2012-05-01 10:50:13

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